Powerful AML solutions for the insurance sector

Staying vigilant against money laundering protects your business and strengthens your bank relationships. Robust AML compliance can help keep your data secure, identify suspicious activity, and minimize risks. Confidently navigate trade finance and build trust with your partners with FinScan.

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Advanced technology

Take advantage of FinScan's advanced technology to easily manage all your AML operations from one place, effortlessly incorporate it into your workflow.

Improved data quality

Achieve more precise screening outcomes with improved data quality, leading to fewer false positives and the uncovering of potential hidden risk.

Industry knowledge

Leverage decades of experience in AML compliance for the insurance sector to gain a thorough understanding of both regulatory requirements and the intricacies of insurance operations.

Strategic partnership

Build long-term success through a partner relationship founded on excellent customer service and continuous dialogue with AML subject matter experts.

AML requirements for insurance

Simplify your AML operations with a comprehensive solution

Keep your insurance company protected from financial crime and stay compliant with FinScan’s end-to-end solution. FinScan seamlessly integrates with your workflow, minimizing risk and ensuring AML compliance at every step of the customer journey.

AML Processes Regulatory Requirements Products
KYC and customer due diligence

Collect policy holder information such as name, address, date of birth and other identifying information.

Verify policy holder’s identity by validating their ID documents and asking for proof of address.

Identify the ultimate beneficial owners of entities enrolling in a policy.

AML and sanctions screening

Screen policy holders against sanctions, PEP, watchlist, internal lists (including fraud lists) and adverse media.

Onboarding risk assessment

Measure AML risk associated with policy holders by dynamically evaluating multiple factors to assign risk ratings.

Enhanced due diligence

Create detailed investigative due diligence reports to push your investigations further for high-risk policy holders.

Ongoing AML and sanctions monitoring

Monitor policy holders against sanctions, PEP, watchlist, internal list and adverse media.

Monitor changes in corporate ownership structure to identify new UBOs.

Stay on top of your business relationships by continuously monitoring any changes in risk profile that require further due diligence.

Payment screening

Screen your claims payout before making policy payments

Screen all policy payments sold through agents and broker-dealers

Documents and notes

Securely store documents and notes related to each policy holder for easy access and document your decision making.

Audit trail

Track every case back to its origin, ensuring that all AML data and policy holder information is accurately recorded and compliant with regulators’ requirements.

AML requirements for insurance

Manage your AML obligations from one integrated solution 

Prevent money laundering by improving your customer data collection and onboarding while balancing the process with data protection requirements. Maximize your payment and sanction screening to avoid regulatory and legal issues.

Challenges Solutions Features
Large record volume

Reliably process any volume of records – from a few thousand to hundreds of millions. Screen quickly and efficiently in batch or in real time through our API to effectively identify risk while avoiding interruption to your daily operations.

Dramatically reduce false positive rates for your review team with advanced screening technology and better data.

Multiple data sources

Easily connect multiple data sources and ensure consistent formatting to refine your matching criteria and improve accuracy. Additionally, reduce unnecessary alerts by eliminating duplicate records, streamlining your screening process and saving time.

Data quality challenges

Eliminate data quality issues commonly found in the insurance industry that can lead to false negatives in your AML screening. With FinScan, you can rest easy knowing that you have the tools to tackle these issues head on, ensuring that risky policy holders are not overlooked.

Global operations

Support your global AML operations by screening against the necessary AML lists by jurisdiction.

With FinScan’s native-to-native screening technology, you can screen in different languages and alphabets, resulting in more accurate screening results.

Cross-team escalation

Customize your escalation workflow and user controls with FinScan to support your AML operations worldwide. Easily configure alerts to be reviewed by users in different countries and on different teams, with the ability to escalate to the relevant team.

Data protection regulation

Choose the deployment option that best supports local data protection laws. Whether on-premise, cloud-based, or a hybrid of both, you have the flexibility to meet the most complex data protection requirements, ensuring compliance while supporting your business expansion.

On-demand Webinar

Want to learn more about the compliance challenges facing the insurance industry?

Watch our on-demand webinar to get a closer look at the dynamic world of global sanctions in the insurance industry.

Case study

Advanced screening technology and improved data quality help US insurer optimize AML operations

Discover how a US insurer enhanced their AML operations with FinScan’s advanced screening technology and improved data quality. The result? 407 previously-undetected individuals on the OFAC list were identified, 560,000 duplicate alerts were removed, saving 2,796 hours of manual review time, and 40,000 additional names were discovered that had previously not been screened.


individuals who were on the OFAC list that had gone previously undetected


duplicated alerts removed saving 2,796 hours of manual review time


additional individuals/entities found that were not screened previously

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